Multiple Choice Question for Principles of Accounting I Com Part 2 Test 3

Multiple Choice Question for Principles of Accounting I Com Part 2 Test 3

1. On the retirement of a partner full goodwill is credited to the accounts of


2. The figure of the credit purchase can be worked out


3. A remuneration paid by consignor to consignee for sale of goods is called


4. In the books of consignor the balance of consignment stock account would be shown


5. In the books of consignee, the expenses incurred by him on consignment are debited to


6. Share application account is the nature of


7. Consignment account is prepared by


8. Donation received in advance is called


9. In the absence of agreement partners shall


10. The liability of the shareholder of a public limited company is


11. Under straight line method of depreciation it


12. Outstanding subscription represents


13. Statement of assets and liabilities prepared under single entry system is called


14. Capital fund of non-trading concern is calculated


15. Cash paid to creditor can be worked out from


16. The excess of total assets over total liabilities of a concern is called


17. Receipt and payment is a summary of


18. On the admission of a new partner depreciation fund is transferred to


19. Liability of partners in partnership is


20. Joint Stock Company is an artificial person created by


21. Equity shareholders are of the company


22. Share Capital in the Balance Sheet is known as


23. Trial balance is not obtained in


24. If debit side of income and expenditure account is greater than credit side it represents


25. For a firm, interest on capital is


26. Loss by an accident is example of


27. A prospectus can be issued only by


28. Unrecorded liability when paid on dissolution of a firm is debited to


29. The institutions which deal in activities other than trade are called


30. Admission fee is called


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